Bitcoin ETFs Surge to $731M in One Day

US spot Bitcoin ETFs recorded their largest single-day net inflow since January on September 3, with $731 million flowing in. BlackRock's IBIT was responsible for a significant portion of this figure at $454 million. This influx follows a strong August, where US Bitcoin ETFs attracted a combined $3.5 billion in net inflows.

Federal Reserve Governor Christopher Waller's comments on inflation and interest rates sent growth stocks and crypto assets higher. Waller stated he is inclined to hold interest rates steady if inflation continues to cool. This was seen as a green light by markets, with Bitcoin rising above $81,000 late in the day.

Crypto analyst Rachael Lucas noted that the distribution of inflows points to institutional activity rather than retail positioning. She also stated that the upcoming jobs report and Consumer Price Index reading could reverse the rally if they show high inflation or poor job growth.